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pelosi says we cannot get our way to deficit reduction. listen to the top democrat in the house of representatives, the former speaker of th house unveiling -- on dealing with the fiscal cris one more time. >> in many homes across america ad is a very, very lean time. you cannot cut your way to ficit reduction. lou: toay said minority leader appeared to be trying to outperform policy and the political rhetoric of the absurd . senator reid's reason to be wary of reducing spending. >> the european community now is concerned about all the austerity. there are many, many things you can do to reduce dbt but still have a stimulus aspect of the economy. >> that -- lou: the senate's top democrat lieves we should return to europe for inspiration and guidance for fiscal policy, taking greece, perhaps, as a standard for dealing with econic a budget crises. the speaker did a charge the president is slow walking the nation to the brink of a fiscal cliff. that is one of the speakers firmest in the strongest statements yet. >> this is in a progress repor
pelosi says we cannot get our way to deficit reduction. listen to the top democrat in the house of representatives, the former speaker of th house unveiling -- on dealing with the fiscal cris one more time. >> in many homes across america ad is a very, very lean time. you cannot cut your way to ficit reduction. lou: toay said minority leader appeared to be trying to outperform policy and the political rhetoric of the absurd . senator reid's reason to be wary of reducing spending. >>...
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and it is, over the long-term, projected to be the biggest contributor to deficits down the road. which mean people in the country, voters everywhere, love medicare and do not want it to be cut. and wonks in washington, d.c. spend their time trying to figure out how to cut medicare. both democrat and republican. and with this very thorny contradiction in mind, politicians and think tank analysts and the like have developed a whole secondary-coated language to talk about medicare. so premium support instead of privatizing medicare, and structural medicare reform instead of raising the eligibility age. now, remember the context for all this. this is important. remember that phrase we first started hearing at the start of the health reform debate, which may be apocryphal, "keep government hands off my medicare." the big tea party uprising was in large part a reaction to the idea, quote/unquote, of socialized medicine. it was the affordable care act, and the government, quote, takeover of health care, that fanned the flames of the post-obama tea party protest. but, of course, most of
and it is, over the long-term, projected to be the biggest contributor to deficits down the road. which mean people in the country, voters everywhere, love medicare and do not want it to be cut. and wonks in washington, d.c. spend their time trying to figure out how to cut medicare. both democrat and republican. and with this very thorny contradiction in mind, politicians and think tank analysts and the like have developed a whole secondary-coated language to talk about medicare. so premium...
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on social security he denied any effect on the deficit at all. durbin said earlier last week social security hasn't added a dime to the dif is it. in fact, in 2012, it adds $160 billion of debt. there is more money in trust fund of social security to take care of it for 20 more years 25, more years. that means that pieces of paper in the trust fund with the treasury says we will pay you. but it doesn't have the money. it's spent the surplus in the past. that is simply a promise, from a treasury which is bankrupt. they won't touch social security. why? political implications. republicans are bad guys and they are the good guys. we don't want to balance it on back of seniors as if you are going to reform this and killing the budget. everybody agrees that is the one area where the treasury is hemorrhaging. impacting the seniors to get out of the drug company. that is absurd. the only way to attack this is to slow down the growth of healthcare. and the one area that you could really do that tort reform where a quarter of all spending in medicine is s
on social security he denied any effect on the deficit at all. durbin said earlier last week social security hasn't added a dime to the dif is it. in fact, in 2012, it adds $160 billion of debt. there is more money in trust fund of social security to take care of it for 20 more years 25, more years. that means that pieces of paper in the trust fund with the treasury says we will pay you. but it doesn't have the money. it's spent the surplus in the past. that is simply a promise, from a treasury...
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that's simpson of simpson-bowles. >> that was the commission working to reduce the deficit. there's your commission chairman. whatever gets folks' attention, right? the work not in vain. there's your chairman. looking good, allen. break it down. looks good in everything. >>> you know those dog owners who swear that fido really genuinely is pretty smart. >> let's not offend all of the dog owners. they are smart. >> look at this. some proof here. experts are teaching dogs how to drive. they say it took only eight weeks for the canines to master the basics. >> it's part of an animal welfare campaign in new zealand to show you intelligent dogs are. the drivers are all rescue dogs that may have been doomed otherwise. and i think they might be doomed behind the wheel of a car. >> you want to put your life in fido's hands, you go right ahead, folks. >>> for some of you, your local news is coming up next. >>> for some of you, your local news is coming up next. don't go far. i want answers! ♪ oh. right. kay. [ female announcer ] it's true, every kiss does begin with kay. introducin
that's simpson of simpson-bowles. >> that was the commission working to reduce the deficit. there's your commission chairman. whatever gets folks' attention, right? the work not in vain. there's your chairman. looking good, allen. break it down. looks good in everything. >>> you know those dog owners who swear that fido really genuinely is pretty smart. >> let's not offend all of the dog owners. they are smart. >> look at this. some proof here. experts are teaching...
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does it reduce the deficit? >> joining me now is senator sherrod brown. senator, good to have you with us tonight. your comments on what nancy pelosi has to say about revenue. >> she's right. you look at a little history in the 1990s. the upper one or 2 or 5% were paying more in taxes. just a little bit more. we had 21 million private sector job creation, net job creation. when george bush cut taxes on the wealthy in 2001 and 2003, we've had no real job growth and no wage growth during this past decade. we're finally now after ten straight years of manufacturing job decline hitting places like toledo and cleveland and cincinnati particularly hard, we're seeing now in the last two years after the auto rescue, after we're doing some of the right things here, we're seeing job growth. i agree with what nancy pelosi said. history improves itself. >> so based on history, this is about math and not ideology. the sense i get on the hill today, if you don't get the rate increase, you can forget everything else. >> we have seen in this country a decline in infrastr
does it reduce the deficit? >> joining me now is senator sherrod brown. senator, good to have you with us tonight. your comments on what nancy pelosi has to say about revenue. >> she's right. you look at a little history in the 1990s. the upper one or 2 or 5% were paying more in taxes. just a little bit more. we had 21 million private sector job creation, net job creation. when george bush cut taxes on the wealthy in 2001 and 2003, we've had no real job growth and no wage growth...
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, there is brand-new polling out today on how americans feel about the idea of congress using these deficit negotiations to make cuts to medicare. 79% of americans say they do not want congress to touch medicare in these deficit negotiations. 79%. if you want to get specific about john boehner's proposal, what he wants to do to medicare is to raise the eligibility age from 65 to 67. and as it turns out, there is also recent polling on that specific proposal. and it is also super unpopular. look at this. almost 70% of americans say they oppose raising the eligibility age for medicare. that number is slightly higher among republicans than it is for the general population. more republicans oppose john boehner's plan than the already extremely high margin of the general public that opposes john boehner's plan. now, if you're following the news very closely in this slow-motion, groundhog day-esque political negotiation, maybe yoç already knew that john boehner wants to raise the medicare eligibility age. but if you just sort of glanced at john boehner's actual letter to the president with his p
, there is brand-new polling out today on how americans feel about the idea of congress using these deficit negotiations to make cuts to medicare. 79% of americans say they do not want congress to touch medicare in these deficit negotiations. 79%. if you want to get specific about john boehner's proposal, what he wants to do to medicare is to raise the eligibility age from 65 to 67. and as it turns out, there is also recent polling on that specific proposal. and it is also super unpopular. look...
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last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be the case for long if we have a recession followed by a typical bear market. lou: how long to get to recession -- >> we can get there pretty quick. in fact, some of the down downdrafts are starting to form. we saw those in the q3 gdp numbers were sinking into @%ntraction. lou: 2.7 -- >> employment reports gnar november and december, not surprised if gains in private sector payrolls are well over 100,000 new jobs. lou: that would not be good. baseline at least, i think, for passable is 125. what's your judgment? >> about the same, okay, that's a c-minus grade, get a "c" if we hit 150. lou: might s
last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be...
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we need to save more in this country and w count country and we need to get a handle on this deficit problem. but ronald reagan didn't get us into any wars, we had a police action in grenada, in eight years, that was it, yeah, you got to be strong, you got to maintain a strong national defense, fight against budget cuts and so forth. but unless there's a very large national interest involved, it can -- it's sometimes very counter productive to engage in some of these activities overseas, where right now, for instance, there's a lot of pressure on president obama to intervene militarily in syria, that would be the worst thing in the world we could do in my opinion. we should support the syrian opposition, politically, diplomatically, economically, but not militarily, because t t that's a slippery slope once you get into it. >> not even a no fly zone? >> i don't know, if you start a no fly zone, you got to get into the anti-aircraft batteries. but the government is going to fall. so i think the policy that the administration's following on syria is absolutely the right policy to follow
we need to save more in this country and w count country and we need to get a handle on this deficit problem. but ronald reagan didn't get us into any wars, we had a police action in grenada, in eight years, that was it, yeah, you got to be strong, you got to maintain a strong national defense, fight against budget cuts and so forth. but unless there's a very large national interest involved, it can -- it's sometimes very counter productive to engage in some of these activities overseas, where...
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. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has a specific proposal to achieve $600 billion in savings from entitlement programs like health care entitlement programs. >> jay compared republican pressure on the debt ceiling to a hostage taking. >> a profoundly bad idea that i think could not be more frightening for american businesses, and american workers. >> treasury secretary tim geithner may have frightened people yesterday saying the white house is prepared to go off the fiscal cliff unless republicans bend on taxes. a comment by former democratic potential candidate howard deen frighted republicans that the debate is not just a
. >> this is not about getting a handle on deficits or debt for him. it's about spending even more than he has. >> white house aids reject the republican claims that holding the debt limit over the president's head is the only mechanism to get him to trim spending. >> you're just going to keep at the debt limit goes higher, you spend more money. you and congress, both. >> that's false. president signed into law a trillion dollars in discretionary cuts. the president has...
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i mean, we have a -- we have a big problem in terms of the deficits we're running. but let me just ask you this crucial question about where we're going to go from here, grover. because i know you have this kind of soul-searching moment in front of you. where you can keep going ahead and saying no revenue, right? has to be revenue-neutral. and you might lose. or you can start to bend a little bit. are you going to have to start to bend? >> well, i'm in favor of more revenue. if you talk about the tax reform that speaker boehner has talked about in the letter that he and all the republican leadership sent to obama asking him to get serious about spending restraint, which he hasn't done yet -- >> but can i just clarify -- >> reduce rates and broaden the base. >> it didn't say for sure let's reduce rates. >> yes, it did. >> it opened the door to reducing rates -- john boehner has put on the table before he would be willing to raise revenue without cutting rates. >> no, in the context of tax reform, i think the letter is very clear. in the context of tax reform, which r
i mean, we have a -- we have a big problem in terms of the deficits we're running. but let me just ask you this crucial question about where we're going to go from here, grover. because i know you have this kind of soul-searching moment in front of you. where you can keep going ahead and saying no revenue, right? has to be revenue-neutral. and you might lose. or you can start to bend a little bit. are you going to have to start to bend? >> well, i'm in favor of more revenue. if you talk...
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes to these programs. we will not block grant medicaid, and we wi
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are...
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we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though, when we look at these numbers, a
we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring....
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anything on entitlements, would prefer frankly not to have to do anything on some of these debt and deficit problems. if you look at the numbers, then medicare in particular, will run out of money and we will not be able to sustain that program, no matter how much taxes go up. i mean it's not an option for us to just sit by and do nothing. >> that was president obama in the summer of 2011 speaking the hard truths about entitlements. it did not exactly play well for him then and he's been largely quiet on the issue since, perhaps because for both parties talk of cutting social security and medicare hurts a lot. >> there's a pain point that democrats have to reach as well. it's not just republicans. that both sides have to be able to get to the end of this things and say, yes, the president won re-election but there is nobody that gets away with this thing without feeling pain. >> and there are some on the left who hope to get through this without having to go under the knife. adam green, co-founder of the progressive change campaign says -- yesterday on abc's "this week" congressman keith el
anything on entitlements, would prefer frankly not to have to do anything on some of these debt and deficit problems. if you look at the numbers, then medicare in particular, will run out of money and we will not be able to sustain that program, no matter how much taxes go up. i mean it's not an option for us to just sit by and do nothing. >> that was president obama in the summer of 2011 speaking the hard truths about entitlements. it did not exactly play well for him then and he's been...
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we reached those massive deficits, the largest deficits in american history. and we begin to bring those back down. enter 2007. 2007, 2008 we had a republican president in the white house, we had a democratic speaker here in the u.s. house, spending began to tick back up. and as we entered the obama years, mr. speaker, here is the largest deficit in american history recorded during the bush administration, this is the annual deficit recorded in the obama administration. not twice as large than the largest deficit in american history. not three times as large as the largest deficit in american history. but almost four times larger than the previous largest annual deficit in american history was the first year deficit recorded in the obama administration. we tip, that was the first time ever we run trillion dollar deficits, we continue to run trillion dollar deficits throughout that time. tax policy hasn't changed during that time. tax policy is exactly the same. you hear in the newspaper all the time, mr. speaker, the bush tax cuts. i don't know that that has m
we reached those massive deficits, the largest deficits in american history. and we begin to bring those back down. enter 2007. 2007, 2008 we had a republican president in the white house, we had a democratic speaker here in the u.s. house, spending began to tick back up. and as we entered the obama years, mr. speaker, here is the largest deficit in american history recorded during the bush administration, this is the annual deficit recorded in the obama administration. not twice as large than...
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the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure savings, it's a cost shift. first and foremost, you're going to see increased costs for seniors who will have to find another health insurer since medicare is huge and uses its bargaining power to pay less by quite a bit. the seniors turning to private insurance will have to pay more for the same coverage. 3.7 billion more in the first year of the policy. for those 65 and 66 years old who are eligible for medicaid, states will have to pick up some of that tab. so three-quarters of a billion dollars will pick up that tab, we think. then there are the employers. many of the ineligible wil
the argument for cutting 65 and 67 years old out of medicare in a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion in the first year of that plan. but those 65 and 66-year-olds they don't disappear. they are still going to be here and they are even going to get sick sometimes, which means the savings we'd see by kicking them off medicare rolls will pop back up in the economy. it's not pure...
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as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt ceiling gets carved into it. one is not linked to the other. >> we can be talking about one not linked to the other. if we go over the cliff, we have to reveal the debt ceiling. at that point and time, the question about the debt ceiling is that much more important. it will have to be raised. as a republican, a proud republican, i am willing to sit here and say we probably need to give some on taxes. there's no question about it. this president also needs to give and show real leadership. if he doesn't, if he wants to punish the wealthy or those in the top 1% and say h
as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt...
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the fact is that social security doesn't add one penny to the deficit or the debt. let's get the facts straight on this. we've been looking at these entitlements, scrutinizing them. we've had bipartisan changes to social security to make it sustainable. we can do that again. don't blame social security and medicare for our problems. i would say a major part of the problem is health care expenses, and i think the affordable health care bill attacked that issue particularly. if we don't lower health care costs, we are not going to get the budget in balance regardless of what we do. >> we have below you daishg you can't see it. a new poll was taken. a majority didn't want to see cuts in medicaid and didn't want the eligibility age increase for medicare. >> you're absolutely right. you put more burden on the states. right now the states are struggling to keep their head above water as it is. if you put that burden on the states, then they are going to move accordingly to the towns and their taxpayers in that particular state. in my state of new jersey, we pay an exorbit
the fact is that social security doesn't add one penny to the deficit or the debt. let's get the facts straight on this. we've been looking at these entitlements, scrutinizing them. we've had bipartisan changes to social security to make it sustainable. we can do that again. don't blame social security and medicare for our problems. i would say a major part of the problem is health care expenses, and i think the affordable health care bill attacked that issue particularly. if we don't lower...
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bub it is not part -- but it's not part of the current deficit issue at all. separate issue. you may call it premium the medicare program and tosses it over to the private health insurance companies. i have worked with the private health insurance companies for a long, long -- >> it's not true. >> sorry, it does happen to be what the premium support is all about. you are supporting the premium for private health insurance companies. call it vouch every or premium support. in either case it terminates the medicare as we know it. that is a problem for seniors. >> we are leaving on many point of disagreement, not agreement. we know you have a lot of work to do on the hill. we thank you for taking time out for us today. we wish you beth to find abcompromise. >> thank you. >> thank you, shannon. >> this is a fox news alert. nine militants and at least five afghans are reportedly dead after a fire fight at an air base in american afghanistan that lasted more than two hours. officials say two suicide bombers detonated explosives outside the base that helicopters fired on them. they
bub it is not part -- but it's not part of the current deficit issue at all. separate issue. you may call it premium the medicare program and tosses it over to the private health insurance companies. i have worked with the private health insurance companies for a long, long -- >> it's not true. >> sorry, it does happen to be what the premium support is all about. you are supporting the premium for private health insurance companies. call it vouch every or premium support. in either...
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the argument for cutting 65 and 67-year-olds out of a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion. but those 65 and 66-year-olds don't disappear. they are still going to be here and get sick sometimes which means the savings we'd see by kicking them off they pop back up elsewhere in the economy. it's not pure savings, it's a cost shift. you're going to see increased costs for seniors who will have to find another health insurer since it uses power to pay less by quite a bit. the seniors turning to private insurance will have to pay more from the same coverage. 3.7 billion more in the first year of the policy. for those who are eligible for medicaid, will move to the states, we think. then there are the employers. many of the ineligible will turn to their employers. that will increase the health care costs of companies by $5.4 billion. some of the seniors will turn to the affordable care act in the insurance exchanges. those left in medicare will pay a higher premium beca
the argument for cutting 65 and 67-year-olds out of a deficit talk is simple. it saves money. the keizer family foundation estimates that when it's all said and done, the government could save $5.7 billion. but those 65 and 66-year-olds don't disappear. they are still going to be here and get sick sometimes which means the savings we'd see by kicking them off they pop back up elsewhere in the economy. it's not pure savings, it's a cost shift. you're going to see increased costs for seniors who...
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i worry that we are going to do too much deficit reduction. too much spending cuts. when the private sector, when businesses and consumers are not spending, what we need is for government to be the spender of last resort. we don't want to go into major spending cuts. that's the austerity trap that europe has found itself in, and it would be crazy for us to go in that direction. >> before we go, very quickly, yes or no. do we have a deal by the end of the year? >> yes. >> and what about you, doug? >> marginally, yes. 60/40 in favor of a deal but they've got to get moving. >> we'll have to see if it's a real deal or another kick of the can down the road or some other interim thing. thanks for being here. >>> "outfront" next, the u.s. military draws up new plans for a potential strike against syria as we learn more about that country's stockpile of chemical weapons. >>> plus -- the u.s. supreme court agrees to take on the issue of gay marriage. and is that a signal, is that a signal that for republicans, it may be time to reconsider its view on this? >>> and a nurse dup
i worry that we are going to do too much deficit reduction. too much spending cuts. when the private sector, when businesses and consumers are not spending, what we need is for government to be the spender of last resort. we don't want to go into major spending cuts. that's the austerity trap that europe has found itself in, and it would be crazy for us to go in that direction. >> before we go, very quickly, yes or no. do we have a deal by the end of the year? >> yes. >> and...
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or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of leverage in forcing president obama to take a look at medicare and social security to bring this conversation full circle that really mean serious budget and deficit reform. >> well, i'm sure that the majority of americans are hoping the two sides will come to some sort of deal. wouldn't that be nice? that would be a nice christmas present. will cain, thank you. >> yeah, you bet. >> thanks so much. >>> one of the top u.s. banks out with a pretty rosie prediction for next year. could it be enough to save your 401(k) from that fiscal cliff? ...so as you can see, geico's customer satisfa
or ten-year deficit projections, something like 70 billion off 1.14 trillion deficit. it won't make a big dent. why is he so dedicated to it? that being said, carol, despite the fact that it sends me a little off kilter, yes, republicans lost the election. they don't have a ton of leverage. they want to try to achieve a deal that they think is going to maximize potential good for the country, meaning spending reform, budget deficit reduction, but the truth is that they don't have a ton of...
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Dec 5, 2012
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but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing in the right direction. he thought it was going to peek around 75%, 75%. it looks like it could go up even further. so let's see what he says on that front today. in terms of options, he has very few options indeed because this is a government which as we know has set its fallout on plan a. and yet, are we seeing real austerity? i'm not entirely sure. government borrowing this fiscal year so far in the five months that we have figures for already is 26.7% higher than the same period a year ago. the idea originally this year was for flat spending and then getting it down there after. and he's
but anyway, the deficit is clearly not going to achieve getting rid of that in a five-year period. many estimates believe that in 2013-2014, the next fiscal year, it's going to be around 7%. that's better than the 11% inherited by this government, but will be a couple points worse than greece and spain. so that's a big negative for george osbourne. another one will be getting the percentage of debt compared with gdp in the country, getting that down within a five-year period, getting it syncing...
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Dec 7, 2012
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the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will introduce our two witnesses. dr. zandi is the chief economist at moody's analytics. he looks at macro racquets and public policy. he is the influential source of policymakers and businesses and journalists. recently he published a report assessing the challenges of approaching the fiscal cliff and the most effective way to achieve long-term, fiscal stability. he received his phd from the university of pennsylvania. that will be a recurring theme in these introductions. [laughter] dr. zandi, thank you for being here. dr. hassett is the direc
the deficit that would have fallen. still bad, but remarkably better than where we find ourselves today. republicans stand ready to work with president obama for a balanced and bipartisan solution. so far, no evidence of that. let's create a long-term solution that does not burden individuals and gives businesses optimism to go forward and invest in the american economy. then the economy can grow for all citizens. i look forward to the testimony of our witnesses. >> thank you. i will...
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Dec 4, 2012
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the goal is to not get rid of the budget deficit. lots of people do not want to get rid of the budget deficit. they want to get it down to a manageable level. opinions differ. you can make a big dent through closing or reducing the loopholes. host: do you expect them to play a role? could they end up on the chopping block? guest: republicans have put them on the table. i think you probably will see some of both. this is a process that will go on for the better part of the next year. during that process, you will see some of both. host: john mckinnon is a reporter for "the wall street journal." here are the numbers to call. republicans, 202-585-3881. democrats, 202-585-3880. independent callers, 202-585- 3882. host: we continue our low-cost at taxables and deductions. curtis dubay is, from the heritage of foundation and charles marra is from the center for budget and policy board reported. thanks to both of you for being here this morning. curtis dubay, how important our deductions? guest: we're so focused on how we can avoid raising
the goal is to not get rid of the budget deficit. lots of people do not want to get rid of the budget deficit. they want to get it down to a manageable level. opinions differ. you can make a big dent through closing or reducing the loopholes. host: do you expect them to play a role? could they end up on the chopping block? guest: republicans have put them on the table. i think you probably will see some of both. this is a process that will go on for the better part of the next year. during that...
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the deficit is $1.9 trillion. megyn: mark, the point that i'm trying to get to, is there some arrogance or bias, anything inappropriate about the media being oh focused on the tax debate as opposed to where are the spending cuts? >> i don't think so. this is because there hasn't been any serious proposal for spending cuts and it's true of the republicans as well. you don't see republicans coming out saying they want to cut spending on specific things. the president put forward a plan that included a few spending cuts. now it's the republicans' turn to show what they are willing to cut spending on. megyn: before i go, the president came out with a $400 billion in proposed spending cuts from his last budget. mitch mcconnell came out with spending cuts when it comes to medicare, maybe adjusting the cost of living for social security. but they are too timid because this is an issue on which people vote and no one wants to talk about it. am i wrong? >> here is where you are slightly wrong. there is a framework. paul ry
the deficit is $1.9 trillion. megyn: mark, the point that i'm trying to get to, is there some arrogance or bias, anything inappropriate about the media being oh focused on the tax debate as opposed to where are the spending cuts? >> i don't think so. this is because there hasn't been any serious proposal for spending cuts and it's true of the republicans as well. you don't see republicans coming out saying they want to cut spending on specific things. the president put forward a plan that...
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63% of the american people on election day were opposed to raising taxes to quote/unquote reduce the deficit which is what we're being asked to do. so if you ask -- if you ask people if they raise taxes will they just spend it? most americans think they'll just spend it. if you raise taxes on the rich, do you think they'll also raise taxes on the middle class? most americans think that's true as well. you have to take the question several levels. the american people understand if you tax the rich, be the democrats haven't finished the sentence. tax the rich first. obama, if he got his taxes on the rich, is still $8 trillion short over the next decade. that's where the energy taxes he's going to present and the value added tax that ultimately turns us into a european welfare state only of that can pay for obama's sized government. >> wow. grover, unfortunately we have to leave it there. our discussion of unicorns will continue, i'm sure, at least up until december 31st. thank you for joining us today as always. >> you got it. >> after the break, offer ver ses counteroffer. we will break both
63% of the american people on election day were opposed to raising taxes to quote/unquote reduce the deficit which is what we're being asked to do. so if you ask -- if you ask people if they raise taxes will they just spend it? most americans think they'll just spend it. if you raise taxes on the rich, do you think they'll also raise taxes on the middle class? most americans think that's true as well. you have to take the question several levels. the american people understand if you tax the...
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all of this deficit reduction stuff, there isn't any. there aren't any spending cuts. >> greta: while democrats and republicans fight it out, the nation is waiting and waiting and waiting and suffering as they wait. former new york city mayor rudy guiliani joins us. good evening, mayor. >> how will this unravel? >> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate with him with a 1.7 trillion dollar tax increase, 50 billion more in stimulus spending, and absolutely no expenditure reductions that are going to take place right now. i mean, from the point of view of republicans, you're going to get more spending decreases if you go over the fiscal cliff than if you deal with president obama. >> greta: well, it appears to many in the city that it's politico check mate for the president. if we go over the fiscal cliff, what it means is the taxes will go up on the wealthy, the big earners. it also goes up on the middle class. i assume
all of this deficit reduction stuff, there isn't any. there aren't any spending cuts. >> greta: while democrats and republicans fight it out, the nation is waiting and waiting and waiting and suffering as they wait. former new york city mayor rudy guiliani joins us. good evening, mayor. >> how will this unravel? >> if you take them at their word, it sounds like the president is anxious to go over the fiscal cliff, and he leaves very little room for republicans to negotiate...